There is breaking news this evening from the Court of Appeal. This evening after 5:00, the court handed down a judgment refusing the Fortis request for an injunction on the sale of BEL's preference shares.
As we had reported on Wednesday, the former owners of BEL, filed an application at the Court of Appeal for an injunction to restrain the company from issuing these shares.
Epic arguments were advanced - but they were resisted, and the injunction refused.
The effect of this is that BEL can now sell 10 million dollars worth of preference shares at 5% to Social Security.
The Social Security Board of Directors has approved the investment and after it is advertised for two weeks in the newspapers, disbursement of the investment can proceed.
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